Gregory S. Burge & Keith R. Ihlanfeldt (both of Florida State University, DeVoe Moore Center & Department of Economics) have published Estimating Aggregate Levels of Property Tax Assessment Within Local Jurisdictions: An Extension of the Ihlanfeldt Model to Multiple Land Uses, 58 Nat’l Tax J. 723 (Dec. 2005).  Here is the abstract:

Sales ratio studies are currently used by a majority of states to estimate jurisdiction–specific levels of property tax assessment (LOAs) that are used to equalize educational funding. Sales chasing and the failure to adjust sales for time may cause estimates to inaccurately reflect true LOAs, leading to funding inequities. A recently developed econometric model with minimal data requirements has been shown to accurately estimate LOAs for single-family property. This note provides evidence showing that the model accurately estimates LOAs for other major land use categories.